Bangkok--10 Apr--MOF
The World Bank and the Association of South East Asian Nations (ASEAN) announced a new strategic partnership today to facilitate innovative financing of much needed infrastructure.
World Bank Vice President for the East Asia & Pacific region, James Adams welcomed the announcement of the partnership by the ASEAN Finance Ministers which was included in their meeting’s Joint Ministerial Statement.
“This is a partnership with the potential for major development impact in south-east Asia,” Mr Adams said. “The goal is to bring together ASEAN’s regional cooperation platform with the World Bank’s operational experience so that policymakers can access innovative approaches to financing their infrastructure needs.”
The World Bank — ASEAN Infrastructure Finance Network (IFN) is a platform for knowledge exchange between the public and private sectors which will support the flow of private capital for infrastructure development in the region.
IFN aims to provide global knowledge and training to national and sub-national governments. The focus will be on new approaches to financing infrastructure projects and on establishing credit culture in public sector infrastructure operations. It also aims to share models of excellence in infrastructure finance from around the globe with practitioners and policy makers.
Mr. Adams said the World Bank’s partnership with ASEAN is aligned with the Bank Group’s broader emphasis on collaborating with key regional and global development institutions.
“ASEAN countries understand the importance infrastructure financing to the region’s medium-term growth,” said Thailand’s Finance Minister, H.E. Korn Chatikavanij, who chaired the 13th ASEAN Finance Ministers’ Meeting in Pattaya this week.
“This partnership will strengthen policy dialogue and introduce innovative approaches to infrastructure financing. There is also growing recognition within ASEAN that national governments and multilateral institutions must work with the private sector to arrange financing and manage risks for infrastructure projects.”
Contact:
In Bangkok : Pichaya Fitts, mobile 084-752-1783 (from abroad 66-84-752-1783)
[email protected]
In Washington: Lester Dally
(202) 352-0363
[email protected]